Plug-in Hybrid Electric Vehicle Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Plug-in Hybrid Electric Vehicle Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Plug-In Hybrid Electric Vehicle Market Size is projected to value around US$ 189.47 Billion by 2030, according to Renub Research. The Plug-in Hybrid Electric Vehicle (PHEV) market is a dynamic quarter on the intersection of traditional and electric mobility. PHEVs seamlessly integrate inner combustion engines with electric propulsion, providing drivers with the flexibility of both electricity sources. This dual capability extends electric range, mitigating range anxiety prevalent in complete electric motors. PHEVs have received traction globally as a transitional solution, promoting power efficiency and reducing emissions. Automakers continue to spend money on PHEV technology, improving battery capabilities, and refining hybrid systems. With an evolving automobile landscape and developing environmental cognizance, the PHEV market serves as a bridge towards a sustainable, electrified future.

Global Plug-In Hybrid Electric Vehicle Market is anticipated to expand at a CAGR of 10.82% from 2024 to 2030

Amid escalating climate change worries, customers are gravitating closer to fuel-efficient solutions. Plug-in Hybrid Electric Vehicles (PHEVs) become a compelling preference, seamlessly integrating electric and fuel power to curtail emissions and lessen reliance on fossil fuels. PHEVs, in particular, shine in metropolise driving scenarios, leveraging electric vehicles for quick commutes and significantly lowering emissions and noise pollutants. This urban-centric advantage positions PHEVs as champions for metropolis dwellers and environmentally aware drivers looking for a harmonious balance between sustainability and the practicality of their everyday transportation alternatives.

Further, pivotal breakthroughs in battery technology are remodeling the panorama for Plug-in Hybrid Electric Vehicles (PHEVs), extending their electric-powered variety, and broadening their enchantment across diverse motive force profiles. The synergy of electric vehicles and fuel engines in PHEVs gives dynamic acceleration and enhances gas efficiency, providing a compelling alternative to standard fuel-powered cars. Simultaneously, the global enlargement of charging infrastructure addresses ""range anxiety"" issues for PHEV proprietors, fostering a seamless transition to electrified use. As these three factors converge, PHEVs become technologically advanced, high-performing, and increasingly available alternatives, reflecting the evolving dynamics in the automobile industry toward more sustainable and efficient transportation.

In the global shift towards electrified transportation, Asia-Pacific, led by China's widespread vehicle market and sturdy government aid for Electric Vehicles (EVs), takes the lead. Europe and North America followed suit, propelled by mounted automakers and developing customer interest in sustainable mobility. Governments worldwide actively promote EVs and Plug-in Hybrid Electric Vehicles (PHEVs) through guidelines and incentives, with the U.S. providing federal tax credits for PHEV purchases. Significant players like Toyota, Ford, General Motors, and Hyundai heavily spend money on PHEV technology, introducing new trends and refining current ones to cater to diverse customer choices, signifying a transformative phase in the international automobile landscape. Hence, the Plug-in Hybrid Electric Vehicles Market was US$ 92.33 Billion in 2023.

Mid-priced vehicle class emerges as a pivotal segment in the global Plug-in Hybrid Electric Vehicles (PHEV) market

By vehicle class, the Plug-in Hybrid Electric Vehicles Market is fragmented into low-priced, Mid-Priced, and Luxury. The global market for mid-priced plug-in hybrid electric vehicles is catering to a vast consumer base searching for a balance between affordability and superior electrified technology. Positioned among cost-friendly options and luxury counterparts, mid-priced PHEVs enchant cost-aware customers desiring efficient capabilities without compromising performance. This class witnesses a surge in recognition as automakers like Honda, Ford, and Hyundai introduce competitive trends, imparting an attractive combo of electrical performance and traditional driving range. The mid-priced PHEV class exemplifies a vital market niche, contributing extensively to the substantial adoption of electrified transportation globally.

SUVs constitute a formidable presence in the global Plug-in Hybrid Electric Vehicles (PHEV) market, offering a compelling fusion of versatility and sustainability

By car type, the Plug-in Hybrid Electric Vehicles Market is categorized into SUV, MPV & Vans, Midsize and large Cars, and Small and compact Cars. The SUV car kind caters to various client alternatives, combining the practicality of an SUV with the efficient benefits of the PHEV technology. Renowned automakers, which include Tesla, Volvo, and Mitsubishi, have brought PHEV SUV models, offering sturdy electric-powered capabilities and spacious interiors. The SUV segment in the PHEV market is witnessing notable growth, driven by a growing demand for efficient options without compromising the commanding presence, application, and driving experience SUV lovers seek.

United States is experiencing growth in the global plug-in hybrid electric vehicles (PHEVs) market

By country, the Plug-in Hybrid Electric Vehicles Market is divided into the United States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, and Rest of World. In the evolving panorama of the worldwide Plug-in Hybrid Electric Vehicle (PHEV) marketplace, America plays an essential role while experiencing a nuanced increase compared to different regions. Climate change worries propel American clients towards eco-friendly alternatives, and PHEVs have grown to be a pragmatic preference bridging traditional fuel-powered automobiles and completely electric-powered ones. The US authorities incentivize PHEV adoption through federal tax credits, complemented by extra state-level incentives. Concurrently, US automakers are advancing PHEV generation, improving performance and competitiveness. Although in its early stages compared to Europe, the growing charging infrastructure is increasing step by step, particularly in primary cities, alleviating range anxiety and fostering multiplied PHEV adoption in the United States.

Key Players

Leading businesses in the Global Plug-in Hybrid Electric Vehicles Market are Tesla, BMW Group, BYD Company Ltd., Mercedes-Benz Group AG, Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation.

In 2022 - Toyota has announced that it'll invest an extra US$ 35 Billion in growing plug-in hybrid electric cars (PHEVs). Last year, the business enterprise sold over 500,000 hybrids and PHEVs.

Renub Research report titled “Global Plug-in Hybrid Electric Vehicles Market By Vehicle Class (Low Priced, Mid-Priced, and Luxury), Car Type (SUV, MPV & Vans, Midsize & Large Cars, and Small & Compact Cars), Country (United States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, and Rest of the World), Company Analysis (Tesla, BMW Group, BYD Company Ltd., Mercedes-Benz Group AG, Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd., and Toyota Motor Corporation)” provides complete study of Global Plug-in Hybrid Electric Vehicles Industry.

Vehicle Class – Global Plug-in Hybrid Electric Vehicles Market breakup in 3 viewpoints:

1. Low Priced
2. Mid-Priced
3. Luxury

Car Type – Global Plug-in Hybrid Electric Vehicles Market breakup in 4 viewpoints:

1. SUV
2. MPV & Vans
3. Midsize & Large Cars
4. Small & Compact Cars

Country – Global Plug-in Hybrid Electric Vehicles Market breakup in 26 viewpoints:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

6. Rest of the World

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Tesla
2. BMW Group
3. BYD Company Ltd.
4. Mercedes-Benz Group AG
5. Ford Motor Company
6. General Motor Company
7. Nissan Motor Co. Ltd.
8. Toyota Motor Corporation